The Evaluation of Economic Freedom Indexes of EU Countries with a GREY Hybrid MCDM Model

Çağatay Karaköy (), Alptekin Ulutaş (), Darjan Karabasevic (), Salim Üre () and Ali Oğuz Bayrakçil ()
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Çağatay Karaköy: Sivas Cumhuriyet University, International Trade and Logistics Department, Sivas
Alptekin Ulutaş: İnönü University, International Trade and Business Department, Malatya
Darjan Karabasevic: Faculty of Applied Management, Economics and Finance, University Business Academy in Novi Sad, Belgrade 21107, Serbia
Salim Üre: Sivas Cumhuriyet University, International Trade and Logistics Department, Sivas
Ali Oğuz Bayrakçil: Sivas Cumhuriyet University, Business Administration Department, Sivas

Journal for Economic Forecasting, 2023, issue 1, 129-144

Abstract: The Economic Freedom Index is a valuable comparison tool in terms of helping countries to consider in which areas they are better and determining priorities accordingly, as well as ensuring full economic freedom. There are many studies in the literature on this index. However, no study that deals with the criteria of the economic freedom index with grey MCDM methods has been found in the literature. In this study, the 5-year (2018-2022) economic freedom sub-criteria of 27 countries that are members of the European Union are handled with Grey PSI and WEDBA-G methods. This study has two contributions to the literature. First, a new grey MCDM method, called the WEDBA-G method, was developed. Second, a new grey hybrid model including grey PSI and grey WEDBA is presented.

Keywords: MCDM; grey PSI; WEDBA-G; Economic Freedom Index; grey theory (search for similar items in EconPapers)
JEL-codes: A10 C60 E60 F10 O10 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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